Thursday, 18 December 2014
Last updated 4 hours ago
Feb 1 2013 | 11:56am ET
Porsche Automobil Holding and the hedge funds suing it for market-manipulation have at last agreed on a venue.
The luxury carmaker said yesterday that the matter will be heard on its home turf, in a German court. Its hedge fund antagonists, including Elliott Associates, Glenview Capital Partners, Greenlight Capital and Viking Global Equities, have agreed not to appeal the case's dismissal in New York; in return, Porsche said it would not seek a dismissal on statute-of-limitations claims in Germany if a case is filed within 90 days.
The deal comes just weeks after a New York State appeals court dismissed the case, which accuses Porsche of manipulating the market in Volkswagen shares, secretly acquiring a majority stake before announcing plans to acquire VW; a federal court did the same in 2011. The U.S. courts ruled that they had no jurisdiction.
Porsche said it remains confident that the claims have no merit.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.